Soybean futures are up 4 to 5 1/4 as yesterday’s sellers take some profits off the table ahead of the weekend. Soymeal futures are down $1.70/ton to weigh on the product values, with soy oil up 16 points. Argentina’s soybean crop was reported at 96.1% planted according to BAGE, vs 94.3% in 2018. There is also 29.1% of the crop blooming compared to 33.3% last year, with condition ratings 8.6% above a year ago at 48.8% gd/ex. Safras & Mercado slashed their 18/19 Brazilian soybean crop projection by 6.5 MMT to 115.72 MMT. That comes after CONAB trimmed their estimate to 118.8 MMT on Thursday. The Chinese Ag ministry left their soybean import projection at 83.65 MMT, down 10.48 MMT from last year on assumed lower use due to ration changes away from soy meal and herd losses due to ASF.

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